British Columbia Discovery Fund Inc. (previously British

VANCOUVER, British Columbia, Dec. 31, 2022 (GLOBE NEWSWIRE) — British Columbia Discovery Fund Inc., (previously…

British Columbia Discovery Fund Inc. (previously British

VANCOUVER, British Columbia, Dec. 31, 2022 (GLOBE NEWSWIRE) — British Columbia Discovery Fund Inc., (previously British Columbia Discovery Fund (VCC) Inc.) (the “Fund”), by The Bowra Group Inc. in its capability as liquidator of the Fund (the “Liquidator”), gives the next replace as to the liquidation proceedings of the Fund.

Pricing Web Asset Worth per Class A Widespread Share is $1.68 as at November 30, 2022 in comparison with $2.60 as at August 31, 2022, a lower of 35%. The principal motive for this modification is the lower in worth of the Fund’s publicly traded investments in D-Wave Programs Inc. and Tantalus Programs Holdings Inc.

The next is an replace of the Fund’s portfolio corporations and the Liquidator’s actions:

  1. D-Wave Programs Inc. (“D-Wave”) – D-Wave is a quantum computing firm primarily based in Burnaby, B.C. D-Wave continues to advance the science utilized in its merchandise, construct its expertise, and construct its core enterprise of quantum computing companies.

    On August 5, 2022 DPCM Capital, Inc. (“DPCM”) and D-Wave, accomplished a enterprise mixture transaction and D-Wave Quantum Inc. (“D-Wave Quantum”) grew to become the guardian firm of each D-Wave and DPCM.

    On August 8, 2022 D-Wave Quantum started buying and selling on the New York Inventory Alternate below inventory image QBTS.

    The shares in D-Wave Quantum issued to the Fund are topic to a buying and selling restriction for a interval of 180 days from the date of the general public itemizing of D-Wave Quantum.

    D-Wave Quantum’s 20 day common for Pricing Web Asset Worth was $9.70 USD as at August 31, 2022 and $2.55 USD as at November 30, 2022.

    The lower in worth of the Funds funding in D-Wave is the first motive for the 35% lower in Web Asset Worth per Widespread Share from the final press launch.

    Particulars of the transaction and details about D-Wave might be discovered at: www.dwavesys.com.

    The Liquidator is constant to observe D-Wave Quantum and assess its technique for the conclusion of the Fund’s place subsequent to expiry of the buying and selling restriction interval.

  2. Tantalus Programs Holdings Inc. – (“Tantalus”) – Tantalus is a expertise firm which develops and operates good grid options for utilities primarily based in Burnaby, B.C. Tantalus is presently publicly listed and trades on the Toronto Inventory Alternate below image GRID.

    The Liquidator notes that the share value of Tantalus decreased within the interval used to calculate the November 30, 2022 Web Asset Worth per Class A Widespread Share.

    The lower within the Tantalus share value contributed to the change in Web Asset Worth per Class A Widespread Share from the final press launch nevertheless the lower was primarily influenced by the lower in worth of the Funds holdings in D-Wave Quantum.

    Additional updates and details about Tantalus might be discovered at: www.tantalus.com and SEDAR. Specifically, see Tantalus’ MD&A for the interval ending September 30, 2022 for dialogue of Tantalus’ monetary efficiency.

    The Liquidator is constant to observe Tantalus and evaluate and assess alternatives for the sale of the Fund’s Tantalus shares.

  3. Phemi Programs Company (“Phemi”) – Phemi is a expertise firm which gives knowledge administration, evaluation, privateness, and safety for healthcare primarily based in Vancouver, B.C.

    Because the final press launch, the Liquidator has not recognized any new materials occasions that might impression the Fund’s funding in Phemi.

    Additional updates and details about Phemi might be discovered at: www.phemi.com.

    The Liquidator is constant to observe Phemi and evaluate any potential alternatives for liquidity occasions pursuant to its mandate.

  4. 3760073 Canada Corp. (previously Navarik Corp.) (“Navarik”) – Navarik is a expertise firm offering software program and knowledge options for cargo and delivery of petroleum merchandise primarily based in Vancouver, B.C. Navarik offered all of its property to Vela Software program Group (“Vela”) in September 2020. The Fund’s present curiosity in Navarik is restricted to future distributions Navarik could make to its shareholders pursuant to the transaction with Vela.

    Because the final press launch, the Liquidator has not recognized any new materials occasions that might impression the Fund’s funding in Navarik.

    The Liquidator is constant to observe Navarik and the potential for any future distributions to the Fund pursuant to the phrases of its sale to Vela.

  5. MTI Restricted Partnership (acquired on account of the sale of Mobidia Expertise Inc.) (“MTI LP”) – Mobidia was a Fund portfolio firm that was offered to App Annie in 2015. The Fund’s present curiosity in MTI LP is restricted to its respective curiosity in App Annie shares held by MTI LP exchanged within the sale of Mobidia transaction.

    Because the final press launch, the Liquidator has not recognized any new materials occasions that might impression the Fund’s funding in MTI LP.

    The Liquidator is constant to observe MTI LP and App Annie and evaluate any alternatives for liquidity occasions pursuant to its mandate.

The Fund will proceed to understand on its investments in portfolio corporations by way of participation in liquidity occasions when potential pursuant to its liquidation mandate and to deal with remaining excellent issues regarding its liquidation, together with tax issues.

Right now, the Fund isn’t conscious of the anticipated date of any distribution, and the Fund has not but decided a date for the dissolution of the Fund.

The Liquidator launched the Liquidator’s First Report on November 30, 2021 and a duplicate of the Report is offered on the Liquidator’s web site below Liquidator – Reviews at: www.bowragroup.com.

Updates and supplies associated to the Fund’s liquidation proceedings might be discovered on the Liquidator’s web site at: www.bowragroup.com. The Liquidator will proceed to make obtainable on its web site extra info and updates on the standing of the Fund’s liquidation proceedings and disseminate a information launch on not less than a quarterly foundation.

Threat Components and Ahead-Wanting Data

This information launch could embrace statements about anticipated future occasions and/or monetary outcomes which can be forward-looking in nature and topic to dangers and uncertainties. The issuer cautions that precise efficiency might be affected by plenty of components, lots of that are past the management of the Liquidator.

Sure dangers embrace however usually are not restricted to: the Fund can not guarantee its shareholders of the timing or quantity of any liquidation distributions. The timing of liquidation of the Fund’s portfolio property is determined by the timing of incidence of liquidity occasions within the underlying portfolio corporations and on the timing of buying and selling alternatives for the publically-traded securities within the portfolio, and the quantity of such distributions is determined by the proceeds realized from such tendencies which in flip will rely upon the numerous components that impression the worth of the portfolio corporations. The Fund will proceed to incur bills that can cut back the worth of any liquidation distributions; if the Fund fails to retain enough funds to pay the bills and liabilities truly owed to the Fund’s collectors, every shareholder receiving liquidation distributions could possibly be held accountable for fee to the Fund’s collectors, of his, her or its professional rata share of any shortfall, as much as the quantity truly distributed to every shareholder; if, on the time of a distribution to shareholders, the Fund can not cross statutory solvency assessments, the distribution could also be prohibited; there are not any assurances that the Liquidator will obtain the identical monetary outcomes that administration would possibly obtain if it had continued because the supervisor of the Fund; the tax remedy of liquidation distributions could differ from shareholder to shareholder, and shareholders ought to seek the advice of their very own tax advisors; and the Class A Shares could, in sure circumstances, stop to be ‘‘certified investments’’ for “registered plans” for the needs of the Earnings Tax Act (Canada).

See “Threat Components” within the info round of the Fund dated Might 22, 2020 and obtainable on www.sedar.com.

Extra Data

Extra info regarding the Fund’s liquidation and related issues is contained within the info round of the Fund dated Might 22, 2020, which is offered on SEDAR at www.sedar.com.

The Bowra Group is a boutique monetary advisory agency with workplaces in Vancouver, British Columbia and Edmonton, Alberta. The Bowra Group focuses on insolvency and restructuring, and companies supplied embrace enterprise restructurings, enterprise viability and efficiency enchancment assessments and turnaround administration. The Bowra Group is a Licensed Insolvency Trustee and acts formally as Trustee, Monitor, Receiver and Liquidator in engagements throughout a wide range of industries.

Additional details about The Bowra Group and updates to shareholders and data on the liquidation of the Fund might be discovered at www.bowragroup.com.

Gordon Brown
The Bowra Group Inc.
Suite 430 – 505 Burrard Road,
Vancouver, B.C. V7M 2C1
Telephone: 604-689-8939
Electronic mail: [email protected]